If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the […]
There Still Might be Time to Cut Your Tax Bill with IRAs Read More »
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file
The 2019 Gift Tax Return Deadline is Coming Up! Read More »
The number of people engaged in the “gig” or sharing economy has grown in recent years. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare rooms, delivering food and walking dogs. Generally, if you receive income from these gigs, it’s taxable. That’s true even
Do you have a side gig? Make sure you understand your tax obligations. Read More »
Not-for-profit board directors, trustees and key employees must not have a direct or indirect financial interest in a transaction or arrangement that might benefit them personally. This is why nonprofits are required to have a written conflict-of-interest policy. To stress the importance of this requirement, the IRS asks you to acknowledge the existence of a
Conflict-of-interest policies are too important for nonprofits to neglect Read More »
If you save for retirement with an IRA or other plan, be aware there’s a new law that makes several changes to these accounts. For example, the SECURE Act repealed the maximum age for making traditional IRA contributions. Before 2020, traditional IRA contributions weren’t allowed once you reached age 70½. Starting in 2020, an individual
4 new law changes that may affect your retirement plan Read More »
A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Unequipped to handle the additional administrative burdens
Congress rolls back burdensome UBIT on transportation benefits Read More »
Many nonprofits are unsure how to account for grants and similar contracts, especially when they come with donor-imposed conditions. Accounting Standards Update (ASU) No. 2018-08 provides much-needed clarity on contributions made and received. Effective for calendar-year 2019, the ASU will help nonprofits determine whether a grant or similar contract is indeed a contribution. And, if
Nonprofits: Are you ready for the new contribution guidance? Read More »
In a 2018 decision, the U.S. Supreme Court expanded the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law. So if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations. If you make
Wayfair revisited — It’s time to review your sales tax obligations Read More »
State law typically specifies the minimum number of directors a not-for-profit must have on its board. But so long as organizations fulfill that requirement, it’s up to them to determine how many total board members they need. Several guidelines can help you arrive at the right number. Small vs. large Both small and large
How many directors does your nonprofit’s board need? Read More »
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income
Do you have a side gig? Make sure you understand your tax obligations Read More »
